by Trevor McCoid
Another broken promise by Labour. 13th Jan 22
At the last election Labour promised they would force banks to remove Payway fees from bank card transactions. This is a direct cost to businesses by banks that has not been negotiated. Banks were adding a minimum of 2% per transaction on the cost of a purchase.
This cost was directly charged to the retailer as a bank fee. Labour promise to have these removed. Most banks took the costs off for a short period of time while businesses were closed during Covid lockdowns.
Now one Wellington small business has received bank fees for customers using Paywave in his business of $8000 for the year. That bank fee is a contractless payment taken out of that businesses bank account without the owners knowledge. The labour party protest to stop these contract less fees being removed from retailers. 2% of the profit of the goods after 15% GST is taken directly out of the businesses bottom line. And people can’t understand why over 75,000 businesses have closed under this labour government. Labour had no idea what it takes to keep a business afloat. When businesses close staff also go out of work. Labour just don’t get it.